3Com

(COMS)

announced on Thursday that Bruce Claflin, the company's two-year president and chief operating officer, has been named chief executive, replacing Eric Benhamou, who will remain as chairman.

Benhamou, 3Com's chief executive for a decade, said in a statement that the move "is taking place at the right time for the right reasons and to the right person." Claflin, a longtime

IBM

(IBM) - Get Report

executive credited with leading the introduction of IBM's ThinkPad line of computers, will formally move into the post in January.

"I believe it is in the best interest of a company and its leader to self-rejuvenate," Benhamou continued. "It's been my privilege to serve as 3Com's CEO for 10 years, a long time in the industry."

Benhamou is expected to work closely with Claflin in developing business strategies and technology decisions, according to the company, which is based in Santa Clara, Calif. In addition, Benhamou will serve as the chair of a technology committee the company is forming.

Shares of 3Com, which earlier this week

reported a narrower-than-expected loss for its first quarter, were trading up $1, or 6%, at $18 Thursday afternoon.